Reliance 4IR Realty Development, a unit of Mukesh Ambani's Reliance Industries, paid a Rs 86.5 crore 'development fee' to license the Trump brand for a forthcoming real estate project in Mumbai.
In a high-profile alignment of political clout and business ambition, India's richest man, Mukesh Dhirubhai Ambani, has inked a major branding agreement with the Trump Organization -- marking the Trump family's biggest India-linked business move in years.
As per The Wall Street Journal, Reliance 4IR Realty Development, a unit of Ambani's Reliance Industries, paid a hefty Rs 86.5 crore (Rs 865 million/$10 million) 'development fee' to license the Trump brand for a forthcoming real estate project in Mumbai.
The agreement is part of a wider global resurgence in the Trump Organization's international deal-making, with foreign licensing income surging five-fold in 2024.
According to US President Donald Trump's latest financial disclosures, the Trump Organization earned Rs 3,854.9 crore ($446 million) globally in licensing and development fees in 2024, up from just Rs 709.3 crore ($82 million) in 2023.
Reliance's Real Estate Pivot
The specifics of the Mumbai project remain undisclosed. However, this is Reliance's first publicised venture involving the Trump brand.
While Ambani's business empire spans petrochemicals, telecom, and retail, his company has recently increased its footprint in real estate -- including a large-scale redevelopment plan across 4,000 acres in Mumbai's urban sprawl.
The Reliance Group and the Trump family have not issued public statements on the agreement.
Trump Brand's India Return
This latest collaboration reflects the Trump family's revived appetite for global expansion, following a self-imposed freeze on foreign deals during Trump's first term in the White House.
Back then, the Trump Organization had pledged not to enter new overseas ventures while Donald Trump was president, citing conflict-of-interest concerns.
However, Donald Trump Jr, who helms the family business along with Eric Trump, confirmed in May that the family is no longer limiting itself.
'We said we're going to play by the rules, but we're not going to go so far as to stymie our business forever,' he said at a conference in Qatar.
Now, the Trumps have re-entered global markets aggressively, but claim they will avoid direct deals with foreign governments -- choosing instead to work with private players like Reliance.
A Rs 3,850-Crore Global Push
The Trump Organization's foreign income in 2024 paints a picture of a company scaling up fast.
As per The Wall Street Journal, the most active partner was Saudi Arabia's Dar Al Arkan, which alone paid Rs 1,903 crore ($220 million) for Trump-branded projects in Saudi Arabia, Oman and Dubai.
Vietnamese firm Hung Yen Hospitality paid Rs 432.5 crore ($50 million), while Dubai-based Damac Properties added another Rs 449.8 crore ($52 million) to the family's coffers.
The Rs 86.5 crore ($10 million) from Reliance makes Ambani one of the key contributors to this global push.
The Trump model remains unchanged -- third-party developers build and operate luxury hotels, condos, or golf courses under the Trump name, while the Trump Organization earns both a fixed licensing fee and a share of the revenues. The model allows the Trumps to expand without major capital investment or operational risks.
A Strategic Friendship
Mukesh Ambani has long been viewed as one of the most internationally networked Indian businessmen. He attended Donald Trump's 2017 inauguration in Washington and more recently joined a State dinner in Doha hosted by the emir of Qatar, which President Trump also attended.
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